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Existence and Uniqueness of Recursive Equilibria With Aggregate and Idiosyncratic Risk

Proehl, Elisabeth - 2020

In this paper, I study the existence and uniqueness of recursive equilibria in economies with aggregate and idiosyncratic risk. Rather than relying on compactness to establish existence, I exploit the monotonicity property of the equilibrium model and rely on arguments from convex analysis. This...

Persistent link: https://www.econbiz.de/10012851345

Notes on an endogenous growth model with two capital stocks II : the stochastic case

Bethmann, Dirk (contributor) - 2005

This paper extends the class of stochastic AK growth models with a closed-form solution to the case where there are two capital goods in the model. To be precise, we consider the Uzawa-Lucas model of endogenous growth with human and physical capital. The extension holds, even if an external...

Persistent link: https://www.econbiz.de/10003148208

A Qualitative Approach to Markovian Equilibrium in Infinite Horizon Economies with Capital

Mirman, Leonard J.; Morand, Olivier F.; Reffett, Kevin - 2004

Using lattice programming and order theoretic fixpoint theory, we develop a powerful class of monotone iterative methods that provide a qualitative theory of Markovian equilibrium for a large class of infinite horizon economies with capital. The class of economies is large and includes...

Persistent link: https://www.econbiz.de/10014072102

Optimal resource allocation in multiclass networks

Naumov, Valeriy; Martikainen, Olli - 2011

In this paper, we study resource allocation in multiclass networks having several types of flexible servers and general constraints on the number of servers at each station. Each job class is characterized by the station where the job is processed and by the amount of work allocated to that...

Persistent link: https://www.econbiz.de/10010326889

Optimal resource allocation in multiclass networks

Naumov, Valeriy; Martikainen, Olli - 2011

Persistent link: https://www.econbiz.de/10009388987

Demographic Dynamics for the Pay - as - You - Go Pension System

Bianchi, Sergio - 2011

The present study focuses on certain problems of pay-as-you-go pension systems. In particular, based on reproduction and survival rates, a Leslie type model is used for the analysis of the demographic dynamics of a population. The presented model is different from the classical Leslie model,...

Persistent link: https://www.econbiz.de/10013122452

Computing Equilibria in Finance Economies

Herings, P. Jean-Jacques - 2008

homotopy algorithm to approximate equilibria in these 'finance economies'. Since the algorithm is tailor made for finance … magnitude smaller than that of existing general purpose algorithms. The algorithm is shown to be generically convergent. We … implement the algorithm using HOMPACK. To illustrate its performance, we present various numerical examples and report running …

Persistent link: https://www.econbiz.de/10012728265

Existence of Equilibrium for Integer Allocation Problems

Lahiri, Somdeb - 2006

We show that for multi-unit auctions, of which bundle auctions are a special case, market equilibrium and constrained market equilibrium are equivalent concepts. This equivalence, allows us to obtain a computable necessary and sufficient condition for the existence of (constrained) market...

Persistent link: https://www.econbiz.de/10012734909

'Quantum Equilibrium-Disequilibrium' : Asset Price Dynamics, Symmetry Breaking, and Defaults as Dissipative Instantons

Halperin, Igor - 2019

We propose a simple non-equilibrium model of a financial market as an open system with a possible exchange of money with an outside world and market frictions (trade impacts) incorporated into asset price dynamics via a feedback mechanism. Using a linear market impact model, this produces a...

Persistent link: https://www.econbiz.de/10012898637

The Robust Stability of Every Equilibrium in Economic Models of Exchange Even Under Relaxed Standard Conditions

Jofre, Alejandro - 2014

In an economic model of exchange of goods, the structure can be specified by utility functions. Under utility conditions identified here even more broadly than usual, except for concavity in place of quasi-concavity, every equilibrium will simultaneously be stable with respect to shifts in the...

Persistent link: https://www.econbiz.de/10013051428